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Mortgage Market Update
My Mortgage Company
Seth M Reeves
Thursday, September 3, 2026
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Refinancing: is it worth it for you? |
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Hi there. This week I want to clear up some confusion about refinancing—what it actually is, and how to know if it's a smart move.
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National Mortgage Rates · August 27, 2026
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Refinancing Basics
When a refi makes sense (and when it doesn't)
Refinancing gets a lot of attention, but it's not right for everyone or every situation. The core idea is simple: you replace your current loan with a new one, ideally on better terms. That might mean a lower rate, a shorter loan term, or switching from an adjustable to a fixed rate. But refinancing also means closing costs, a new application process, and starting your loan term over. I always tell people to do the math first—sometimes the savings take years to realize, and that only works if you plan to stay in your home long enough to break even. Other times, the numbers make sense immediately. The best way to know where you stand is to have a real conversation about your specific situation, timeline, and goals. Let's talk through whether refinancing could work for you.
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Tip of the Week
Schedule a plumber to inspect older homes for slow leaks — water damage is expensive and often hidden until it's serious.
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Tips for Homeowners
Jumbo Loans: What They Are and How They Work
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1.
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A jumbo loan exceeds the conforming loan limit set by the FHFA — $766,550 in most areas for 2024, higher in designated high-cost markets. These loans can't be sold to Fannie Mae or Freddie Mac.
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2.
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Jumbo loans typically require stronger credit (often 700+), larger down payments (10–20%), and more cash reserves. Underwriting is more thorough and can take longer.
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3.
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Rates on jumbo loans are sometimes comparable to or even lower than conforming rates, depending on market conditions. Don't assume a jumbo loan means a worse deal — shop lenders.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Seth M Reeves
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